We Should Not be Too Focused on Budget: Vishwarup Narain

Here is an Edited transcript:

 

Question: Since this is the first time you are attending the World Economic Forum at Davos how does it feel?

 

Answer: It's exciting. I'm representing India as a young global leader. It's a group of fifty to hundred people who are selected from around the world. I was here a couple of days earlier for YGL conference. This is my first time at Davos so it's exciting despite the fact that it's freezing.

 

It is very beautiful and we've had great weather for the last couple of days. But the energy is phenomenal. The quality of people that you meet at the World Economic Forum is exceptional. It's only been a couple f days but looking forwards to the rest of the week.

 

Question: Has India come up a lot in conversations?

 

Answer: Yes, the last couple of years were not really great for India but this time you feel a very palpable sense of excitement. You see a lot more people from India here. 

 

Question: But is the focus largely confined to Indians in Davos or do you sense that from the foreign investors present here as well?

 

Answer: I think there is excitement from most quarters. I would say that India always had potential. Since last fifteen years we have heard that India is land of opportunities. It's the next China and other things. But we always disappointed and I think with the new government coming in, there's certainly the promise of delivering again. 

 

Having said that I think people are cautiously optimistic. I think there is recognition that this government is different and I truly believe it is. There's a lot of participation from the government here at Davos. I think they've been in power for less than a year, but they have certainly done enough from the last year or so. 

 

They're doing the right things for long term evolution and long term development plans.  Over a course of next couple of years as we see some real change on the ground then we might also see GDP taking off. We'll see much more global interest in India. There is recognition that Mr Modi is among the top leaders of the world and he has certainly got the attention of the world. Now we have to deliver and seize the opportunity.

 

Question: What are your expectations from budget? Do you expect government announcing big bang reforms?

 

Answer: I believe that you shouldn't wait for the full year to come out with policy initiatives. I think the government has been announcing a lot of policy initiatives along the way. You don't need to necessarily wait for one day of the year to prove that you're making a difference. You can have FDI policy changes. You can have GST initiatives that people want. Those can be rolled out over the course of the year. They don't have to necessarily wait for one day. I think we should not necessarily over emphasize on the Budget.

 

Question: Is that indirectly lowering expectations on the budget?

 

Answer: Yes, I think it is just. The country is too focused on that one day. I think we should look at what has the government done over the last one year.

 

Question: Would you say what they've done so far meets the promise made before coming to power?

 

Answer: In many ways yes. I think the signs are that they are serious about changes. If you look at the three or four categories of where people want changes, it is GST, it is deregulation in certain industries and opening FDI in insurance, retail and various other industries. But they've done a decent job in terms of taking incremental steps and I think that's the right approach rather than waiting for a big bang announcement. 

 

It's not a one or two year's process; it is five, ten or a fifteen year process for us. So, I think they're doing the right things and frankly we should not overemphasize the budget per say.